KPMG report: “Superfund” tax refunds for exported chemicals and listed substances

Information required when submitting a petition under Rev. Proc. 2022-26

Information required when submitting a petition under Rev. Proc. 2022-26

Exporters of chemicals and chemical derivatives may be entitled to significant refunds of the Superfund excise taxes, but only if the exported product is a “listed” taxable chemical or substance.

Affected stakeholders can ask the IRS to expand the list of taxable substances in certain cases, potentially increasing available export credits. The IRS on June 28, 2022, released Rev. Proc. 2022-26, describing the process to add or remove a substance from the list of taxable substances under section 4672(a). The revenue procedure allows certain “interested persons” to submit a petition to the IRS in accordance with detailed procedures.

Read an October 2022 report [PDF 387 KB] prepared by KPMG LLP that addresses the information that is required when submitting a petition under Rev. Proc. 2022-26: What’s News in Tax: “Superfund” Tax Refunds for Exported Chemicals and Listed Substances


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